In which market structures does a firm have at least some ability to set the market price?
A) perfect competition and monopolistic competition
B) monopolistic competition and oligopoly
C) oligopoly and monopoly
D) monopolistic competition, oligopoly and monopoly
Answer: D
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In the 1965 to 1973 period, U.S. policymakers ________
A) targeted an unemployment rate that, in hindsight, was likely too low B) pursued an easing of monetary policy designed to increase aggregate demand C) made some mistakes that led to the most sustained inflationary episode in U.S. history D) all of the above E) none of the above
If the Federal Reserve unexpectedly decides to sell bonds, which of the following will most likely happen in the short run?
What will be an ideal response?
A firm will shut down in the short run if
A) total fixed costs are too high. B) total revenue from operating would not cover all costs. C) total revenue from operating would not cover variable costs. D) total revenue from operating would not cover fixed costs.
________ occurs when actions taken by one party to a transaction are different from what the other party expected at the time of the transaction
A) Adverse selection B) Risk aversion C) Moral hazard D) Fraud